Helping your business grow, whether through optimising processes, upskilling your people or reducing costs through membership benefits – The Chamber connects you to funding, skills, new people, expert help and provides a platform where you and your business can flourish.

Whether you want to network, exhibit, learn more about what’s going on in your sector through industry forums – the Chamber helps you access hundreds of opportunities to meet and connect with businesses in the East Midlands every year.

To stay competitive means you need good people, with the right skills who feel valued and appreciated – the Chamber can provide you with expert analysis of your current situation, connect you with fully- or partially-subsidised training or even introduce you to new talent.

Reaching and influencing the right person, whether it’s your industry sector peers, your local MP, a specific Government department or simply people that need what you do – the Chamber is an authoritative body which has the status and mandate to ensure your voice is heard by the right people.

Whether you’re already exporting or planning your first overseas ventures, we can help you reach new markets to increase your potential profits and revenue. Through our extensive programme of trade missions, training courses, seminars and business clinics, we help you target the regions most likely to achieve results.

Contact us now to find out about the information, advice and support we offer to individuals and businesses.

The Chamber is the leading business organisation in the East Midlands. With a growing membership of more than 4,100+ businesses and 3,000 affiliates, it is the second largest Chamber of Commerce in the country.

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Cashflow tips for small businesses

With seven out of ten small business owners citing cashflow problems as the main threat to their business, tips for ensuring a healthy cash flow could be the most important thing you read in the early years of business. Particularly for start-ups, experience shows that if you can’t manage your cash flow effectively in your first couple of years, it is unlikely you will survive.

So, what does cashflow mean? It is exactly what it says on the tin, it’s when the cash flows in and out of your business bank account. Keeping on top of your income and outgoings is vital and when developing a new business, preparing a cash flow forecast should be one of the first things you do. Estimate when you will need to pay bills and when you will be paid by your customers and have a plan B if your income doesn’t arrive precisely when you expect it to. Monitor that cashflow forecast regularly, it’s a working document and must be kept up to date as sales (income) and costs (outgoings) change – and they will!

Whatever type of business you run, you need to determine your breakeven point, sales beyond that point will contribute towards your company’s profitability and ability to invest for the future. There are always unforeseen problems, so keeping some cash reserves can be a lifesaver and if that is unfeasible, then get a line of credit in place, just in case. Every business is different but there are a few key pointers that are wise to abide by:

Make your terms of service very clear – that includes your settlement terms.

If you land a big contract and are planning to offer credit terms ensure you have undertaken credit checks on the company

Consider asking for payment on a pro-forma invoice for new clients or big projects

If completing a contract is likely to take a long time, consider asking for stage payments

Keep on top of your invoicing, bill quickly and then check that those invoices are being paid on time

Raise statements to arrive near the due date – late payments can cause big issues

If margins allow, offer early payment discounts

Stay on top of stock management and tighten up your outgoings if cash flow is poor

Use technology to your advantage such as internet banking, emailing invoices and statements or utilising invoicing software

Consider leasing equipment instead of buying it

Even with all those tips, sometimes those you have trusted can let you down, occasionally through no fault of their own – what do you do when someone is not paying?

Establish whether they won’t pay or they can’t pay

Going to court should be your last resort, but you can send a letter before action for very slow payers who fall into the won’t pay category. This is a seven-day payment request which outlines that you will be taking them to Court if they don’t settle within that time. Citizens Advice have useful guidelines on their website about what to include in a Letter before Action

The Late Payments Act 2013 allows you to claim late payment interest and compensation for recovery even if it is not outlined on the original invoice

If the amount owed is less than £10,000 you can submit a small claims court action online

If the amount owed is greater than £5,000 you can serve a statutory payment demand formally requesting payment within 21 days. If this is not paid within that period, then you have grounds to present a winding-up order in Court.

Take advice from your accountant or solicitor

East Midlands Chamber is a partner in the Leicestershire Collaborate for Growth project. If you need help with cash flow forecasting or planning contact Collaborate to see if your business is eligible for 12 hours of free business advice and workshops. Visit this page and register now.

Strategic Partners

The Chamber is proud to work in partnership with carefully-selected and universally-recognised regional brands – many of which have a national and international presence - and the largest employers across the counties of Derbyshire, Nottinghamshire and Leicestershire.

Patrons

If you want to expand your reach in the East Midlands, becoming a Chamber Patron is a shrewd move. It enables you to mix with the region's leading businesses at exclusive events, gain insight into what's going to happen and helps raise your profile on multiple levels.

Strategic Partners

The Chamber is proud to work in partnership with carefully-selected and universally-recognised regional brands – many of which have a national and international presence - and the largest employers across the counties of Derbyshire, Nottinghamshire and Leicestershire.

Patrons

If you want to expand your reach in the East Midlands, becoming a Chamber Patron is a shrewd move. It enables you to mix with the region's leading businesses at exclusive events, gain insight into what's going to happen and helps raise your profile on multiple levels.